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200212049
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Last modified
10/15/2011 9:15:45 AM
Creation date
10/22/2005 10:25:57 PM
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DEEDS
Inst Number
200212049
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14 <br />200212049 <br />financing or continuation statement within 10 days after request by Beneficiary, then pursuant to <br />the provisions of the Code, Grantor hereby authorizes Beneficiary, without the signature of <br />Grantor, to execute and file any such financing and continuation statements. The filing of any <br />financing or continuation statements in the records relating to personal property or chattels shall <br />not be construed as in any way impairing the right of Beneficiary to proceed against any personal <br />property encumbered by this Deed of Trusts real property, as set forth above. <br />I S. Assignment of Rents. Grantor hereby assigns to Trustee, for the benefit of <br />Beneficiary, the Rents as further security for the payment of the Indebtedness and performance <br />of the Obligations, and Grantor grants to Trustee and Beneficiary the right to enter the Trust <br />Property for the purpose of collecting the same and to let the Trust Property or any part thereof, <br />and to apply the Rents on account of the Indebtedness. The foregoing assignment and grant is <br />present and absolute and shall continue in effect until the Indebtedness is fully paid and the <br />Obligations fully performed, but Beneficiary and Trustee hereby waive the right to enter the <br />Trust Property for the purpose of collecting the Rents and Grantor shall be entitled to collect, <br />receive, use and retain the Rents until the occurrence and during the continuation of an Event of <br />Default under this Deed of Trust such right of Grantor to collect, receive, use and retain the <br />Rents may be revoked by Beneficiary upon the occurrence and during the continuation of any <br />Event of Default under this Deed of Trusty giving not less than five days' written notice of such <br />revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or <br />to any receiver appointed to collect the Rents and any lease security deposits. Grantor shall not <br />accept prepayments of installments of Rent to become due for a period of more than one month <br />in advance (except for security deposits and estimated payments of percentage rent, if any). <br />19. Trust Funds. All lease security deposits of the Real Estate shall be treated as <br />trust funds not to be commingled with any other funds of Grantor. Within 10 days after request <br />by Beneficiary, Grantor shall famish Beneficiary satisfactory evidence of compliance with this <br />subsection, together with a statement of all lease security deposits by lessees and copies of all <br />Leases not previously delivered to Beneficiary, which statement shall be certified by Grantor. <br />20. Additional Rights. The holder of any subordinate lien or subordinate deed of <br />trust on the Trust Property shall have no right to terminate any Lease whether or not such Lease <br />is subordinate to this Deed of Trust nor shall any holder of any subordinate lien or subordinate <br />deed of trust join any tenant under any Lease in any trustee's sale or action to foreclose the lien <br />or modify, interfere with, disturb or terminate the rights of any tenant under any Lease. By <br />recordation of this Deed of Trust all subordinate lienholders and trustee and beneficiaries under <br />subordinate deeds of trust are subject to and notified of this provision, and any action taken by <br />any such lienholder or trustee or beneficiary contrary to this provision shall be null and void. <br />Upon the occurrence and during the continuation of any Event of Default, Beneficiary may, in its <br />sole discretion and without regard to the adequacy of its security under this Deed of Trust, apply <br />all or any part of any amounts on deposit with Beneficiary under this Deed of Trust against all or <br />any part of the Indebtedness. Any such application shall not be construed to cure or waive any <br />Default or Event of Default or invalidate any act taken by Beneficiary on account of such Default <br />or Event of Default. <br />03237M3313- 01038- NV012224898.4 <br />
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